The Naira plunged on Monday at the interbank market to close at N350 to a US dollar, from N304.75 it traded last Tuesday. Bringing its total one-week lost against the US dollar to N45.25.

On the parallel market, the local currency dropped N5 from N465 recorded last week to close at N470 to the U.S dollar, while both the Pound Sterling and the Euro traded at N560 and N510 respectively.

At the Bureau De Change segment, the Naira was exchanged at N385 to a dollar, the CBN stipulated rate.

The surge in demand for the greenback had plunged the Naira against the US dollar as manufacturers are reportedly sourcing for dollars at the parallel market to meet the usual end of the year sales, stiffening the limited liquidity further.

Accordingly, the Central Bank of Nigeria's acting Director, Corporate Communications, Mr. Isaac Okorafor, in a statement on Monday said the apex bank has apportioned over $660 million to the manufacturing industries at the interbank market, this he said will ease foreign exchange pressure on the manufacturing and agricultural sectors through forward sales under the new flexible Forex regime.

He further stated that “The CBN is committed to ensuring that manufacturers of goods for which Nigeria does not enjoy comparative advantage are able to get letters of credit (LCs) to import the required materials for their businesses.”

Okorafor urged manufacturers to take advantage of the initiative to push Nigeria to the forefront of exporting nations through backward integration.

Traders are optimistic that the Naira would improve as diaspora remittances was expected to bolster market liquidity at the yuletide season.

http://investorsking.com/naira-plunges-at-interbank-market/

It seems like we have lost the control of naira

The Naira keeps going South, maybe it wants to take a swim in the Atlantic or perhaps, Discover Mungo Park.

You can quote me but I won't see it cos I only visit a post once

eezeribe:
The Naira keeps going South, maybe it wants to take a swim in the Atlantic

It will soon strike oil

Yet fools are clapping for the mediocres that are running the government, lamentably, they suffer too from the effect of their stupidity

Iranu oshi
Dumb goats in power destroying ppls lives . Deep shit.

Instability of our dear naira

okosodo:
Yet fools are clapping for the mediocres that are running the government, lamentably, they suffer too from the effect of their stupidity

@oko,

Ur head is dia!...the present govt has simply buried the naira on propaganda...

gradually

onatisi:
Iranu ori buruku.
Dumb goats in power destroying ppls lives . Deep shit.

IT IS FINISHED!

The way this naira take de change from east to west eeh, very soon it will take over from naija NEPA. Bubu and Adeosu, I hail oh. We are not being patient with this administration, according to one ogor head woman

Interbank Market rate?

so CBN can't control even the local banks?

Emefile or how is it spelled is indeed a capital FAILURE.







Buhari better sack this i.diot before Naira gets rotten like my pussy :-/

okosodo:
Yet fools are clapping for the mediocres that are running the government, lamentably, they suffer too from the effect of their stupidity

Wrong ,they get richer due to the stupidityy of Nigerians to see through their failures and shortcomings. Nigerians will accept any excuse for this government failure as soon as the FG mentions pdp as the architect of it.

okosodo:
Yet fools are clapping for the mediocres that are running the government, lamentably, they suffer too from the effect of their stupidity

what are you doing that can improve the economy?
Because i know hating on NL doesn't add anything

I still can't fathom the economic agenda of this government

Which way Nigeria?

Buhhariiii ooooo


By December, a dollar will exchange for 600 naira...

Is still GEJ that caused it if u ask lai Muhammed

Somebody say baba.

Hmm.. Let's learn from Egypt

Firefire:




IT IS FINISHED!

I told you this guy will crash everything,you thought I was joking. No matter how optimistic you may want to be,the truth is buhari and his Team simply haven't got what it takes to rule a nation . This is the undiluted bitter truth. Just wait and see next year,many Nigerians will even run to Cameroon to do labour jobs .

Sai Baba , Change Dole

Today naira gains 2% tomorrow it loses 30% , that's naira for you.

Stale news . we know naira is bad during this period, so stop posting about its fall every now and then, as this happens steady. You may consider posting when it appreciates, as this will be seen as a better news.

Its no news.
Nigerans are used to this headline

princepet:
I still can't fathom the economic agenda of this government

They never had an agenda or plan. We raised this issued severally before the elections ,but free rice and fufu didn't allow ppl to think then

Mememan:
Buhhariiii ooooo

By December, a dollar will exchange for 600 naira...

Are you laying a curse or what? smh....

Naira losing value everyday!

devaluation

GEJ is to be blamed for this weak naira why didn't he save when oil was $145 per barrel.....have u blamed GEJ today? Blame GEJ and get free recharge card and I will #1=$1

It is well